E-Cycle Racing: How to Own A Piece of the Action
Last year, for the first time in history, electrically-powered motorcycles competed -- in their own class -- on what is considered the world's toughest road course, the 38-mile race around the Isle of Man in the Irish Sea between Ireland and Wales. Some 17 teams entered the first TTXGP, an event that produced a few surprise winners (two of the top three finishers were from India) and exciting new commercial products.
In this exclusive EV World "Future In Motion" podcast, TTXGP CEO Azhar Hussain announces not only the new, expanded racing schedule, but more importantly, an innovative new business model in which teams that participate in the series become its co-owners, earning shares in the enterprise that now includes three, four-race series in the United States, Britain and Italy, with an invitational finale held in Spain.
In Hussain's view, the introduction of electric motorcycle racing is not only a tipping point for motor sports in general, one he sensed at the finish line at last year's TTXGP, but it also offers the opportunity to rewrite the book on how the sport is financed and perpetuated. TTXGP has now formed a trust called TEO, short for Trust eGrandprix.Org . The concept behind the trust is straight forward: the more times a team races, the more shares their earn, whether they win races or not. As the venture grows in numbers of racing venues and public awareness, the trust plans to pay dividends to the participating teams based on their active involvement. The idea is to build team loyalty and active involvement in the series, while helping provide a stable source of long term funding.
He stresses that neither individuals nor companies are permitted to "buy" their way into the trust; only enrolled teams who actively compete year-after-year can participate in TEO's profit sharing. Each year a team fails to compete, it loses one-third of its accumulated shares. After three continuous years of non-competition, the team's shares are dissolved and their accumulated funds redistributed to active teams; the aim of this provision being to encourage teams to compete and grow. Hussain is also hopeful that TEO can eventually expand its racing focus beyond motorcycles.
There are no enrollment fees to join TEO, just normal team entry fees for each race: a nominal $500. Teams who sign up and participate in the 2010 race series, the first to take place at Infineon Raceway outside of Sonoma, California, initially will earn higher shares in TEO, because they are willing to take the risk.
The MP3 interview is some 35-minutes in length. You can listen to it using either the QuickTime or Windows Media Player links in the center column to the right. You can also download the file to your hard drive to playback on your favorite MP3 device. EV World "Future In Motion" podcasts are also available free from Apple iTunes.
EV World is interested in exploring the feasibility of forming a TEAM EVWORLD racing team to participate in the series. If you'd like to join the effort, send an email to email@example.com.